NEW research has revealed that SMEs in Scotland have increased their share of Innovate UK grant funding in the past year.
A study by innovation funding specialist Catax shows that, of all innovation grant funding that went to business projects started in Scotland this year, the proportion awarded to SMEs rose to 86% — up 9.2% from 2021.
For projects started in 2022, Scottish SMEs were awarded £23.8 million while larger companies were awarded £3.9 million. For 2021, SMEs in Scotland secured £41 million, while larger firms were awarded £12.4 million.
On a national basis, the proportion awarded to UK SMEs rose to 88.2% in 2022 — up 16.4% from 2021 figures.
Laura O’Neill, grants manager at Catax, said, “These results show very clearly how smaller companies are fundamentally important to the drive for innovation taking place in the UK. The vast majority of innovation grant money awarded to businesses is won not by large corporations but by SMEs.”